Power Integrations Reports Third-Quarter Financial Results
Power Integrations (POWI) reported Q3 2024 financial results with net revenues of $115.8 million, up 9% quarter-over-quarter but down 8% year-over-year. GAAP earnings were $0.25 per diluted share, while non-GAAP earnings reached $0.40 per diluted share. The company generated $32.9 million in operating cash flow. The board authorized a $50 million share repurchase program and increased the quarterly dividend by 5% to $0.21 per share. For Q4 2024, POWI expects revenues of $105 million ±$5 million with GAAP gross margin between 54-54.5% and non-GAAP gross margin between 55-55.5%.
Power Integrations (POWI) ha riportato i risultati finanziari del terzo trimestre 2024 con un fatturato netto di 115,8 milioni di dollari, in aumento del 9% rispetto al trimestre precedente, ma in calo dell'8% rispetto all'anno precedente. Gli utili GAAP sono stati di 0,25 dollari per azione diluita, mentre gli utili non GAAP hanno raggiunto 0,40 dollari per azione diluita. L'azienda ha generato 32,9 milioni di dollari in flusso di cassa operativo. Il consiglio di amministrazione ha approvato un programma di riacquisto di azioni da 50 milioni di dollari e ha aumentato il dividendo trimestrale del 5% a 0,21 dollari per azione. Per il quarto trimestre 2024, POWI prevede ricavi di 105 milioni di dollari ± 5 milioni con un margine lordo GAAP tra il 54% e il 54,5% e un margine lordo non GAAP tra il 55% e il 55,5%.
Power Integrations (POWI) reportó los resultados financieros del tercer trimestre de 2024 con ingresos netos de 115,8 millones de dólares, un aumento del 9% respecto al trimestre anterior, pero una disminución del 8% en comparación con el año anterior. Las ganancias GAAP fueron de 0,25 dólares por acción diluida, mientras que las ganancias no GAAP alcanzaron 0,40 dólares por acción diluida. La compañía generó 32,9 millones de dólares en flujo de efectivo operativo. La junta autorizó un programa de recompra de acciones de 50 millones de dólares y aumentó el dividendo trimestral en un 5% a 0,21 dólares por acción. Para el cuarto trimestre de 2024, POWI espera ingresos de 105 millones de dólares ± 5 millones, con un margen bruto GAAP entre el 54% y el 54,5% y un margen bruto no GAAP entre el 55% y el 55,5%.
파워 인티그레이션스 (POWI)는 2024년 3분기 재무 결과를 발표하며 순수익이 1억 1580만 달러로 전분기 대비 9% 증가했지만 전년 대비 8% 감소했다고 보고했습니다. GAAP 수익은 희석 주당 0.25달러였고, 비 GAAP 수익은 희석 주당 0.40달러에 달했습니다. 이 회사는 3천290만 달러의 운영 현금 흐름을 생성했습니다. 이사회는 5천만 달러 주식 매입 프로그램을 승인하고 분기 배당금을 5% 증가시켜 주당 0.21달러로 올렸습니다. 2024년 4분기 동안 POWI는 약 1억 500만 달러의 수익과 54-54.5%의 GAAP 총 마진, 55-55.5%의 비 GAAP 총 마진을 예상하고 있습니다.
Power Integrations (POWI) a annoncé les résultats financiers du troisième trimestre 2024 avec des revenus nets de 115,8 millions de dollars, en hausse de 9 % par rapport au trimestre précédent, mais en baisse de 8 % par rapport à l'année précédente. Les bénéfices GAAP étaient de 0,25 dollar par action diluée, tandis que les bénéfices non GAAP ont atteint 0,40 dollar par action diluée. L'entreprise a généré 32,9 millions de dollars de flux de trésorerie opérationnels. Le conseil d'administration a autorisé un programme de rachat d'actions de 50 millions de dollars et a augmenté le dividende trimestriel de 5 % à 0,21 dollar par action. Pour le quatrième trimestre 2024, POWI s'attend à des revenus de 105 millions de dollars ± 5 millions, avec une marge brute GAAP comprise entre 54 % et 54,5 %, et une marge brute non GAAP comprise entre 55 % et 55,5 %.
Power Integrations (POWI) hat die finanziellen Ergebnisse für das 3. Quartal 2024 veröffentlicht, mit Nettoumsätzen von 115,8 Millionen Dollar, was einem Anstieg von 9% im Vergleich zum Vorquartal, aber einem Rückgang von 8% im Vergleich zum Vorjahr entspricht. Die GAAP-Gewinne betrugen 0,25 Dollar pro verwässerter Aktie, während die non-GAAP-Gewinne 0,40 Dollar pro verwässerter Aktie erreichten. Das Unternehmen erzielte 32,9 Millionen Dollar an operativem Cashflow. Der Vorstand genehmigte ein Aktienrückkaufprogramm über 50 Millionen Dollar und erhöhte die vierteljährliche Dividende um 5% auf 0,21 Dollar pro Aktie. Für das 4. Quartal 2024 rechnet POWI mit Umsätzen von 105 Millionen Dollar ± 5 Millionen, wobei die GAAP-Gewinnmargen zwischen 54% und 54,5% und die non-GAAP-Gewinnmargen zwischen 55% und 55,5% liegen.
- Operating cash flow of $32.9 million in Q3
- 9% quarter-over-quarter revenue growth
- $50 million share repurchase authorization
- 5% increase in quarterly dividend to $0.21 per share
- Non-GAAP earnings improved to $0.40 from $0.28 in prior quarter
- 8% year-over-year revenue decline
- Q4 revenue guidance indicates sequential decline to $105M ±$5M
- Soft end-market demand, particularly in consumer appliances
Insights
Power Integrations delivered mixed Q3 results with
The introduction of 1700-volt gallium-nitride transistors in the InnoMux-2 product family marks a significant technological advancement. This development positions Power Integrations at a important intersection where GaN technology is becoming cost-competitive with traditional silicon MOSFETs while offering superior performance. More importantly, it presents a lower-cost alternative to silicon carbide, potentially disrupting the high-voltage semiconductor market. The timing is strategic as the industry faces increasing demand for efficient power solutions in electric vehicles, renewable energy and industrial applications.
Revenues were
Announces five-percent dividend increase and
In addition to its GAAP results, the company provided non-GAAP measures that exclude stock-based compensation, amortization of acquisition-related intangible assets and the related tax effects. Non-GAAP net income for the third quarter of 2024 was
Commented Balu Balakrishnan, chairman and CEO of Power Integrations: “Our third-quarter results were on target, and while our outlook reflects soft end-market demand, particularly in consumer appliances, we nevertheless expect double-digit year-over-year revenue growth in the fourth quarter. In light of our strong balance sheet, our board of directors has authorized
“Progress on our PowiGaN™ technology roadmap continues apace, with the introduction earlier this week of the world’s first 1700-volt gallium-nitride transistors in our InnoMux™-2 product family. As PowiGaN technology reaches ever-higher voltage and power capabilities, it becomes an increasingly attractive, lower-cost alternative to silicon carbide. At the same time, its cost is approaching parity with the most advanced high-voltage silicon MOSFETs, but with far superior performance.”
Additional Highlights
-
Power Integrations’ board of directors has authorized the use of
$50 million -
The company paid a dividend of
$0.20 $0.21
Financial Outlook
The company issued the following forecast for the fourth quarter of 2024:
-
Revenues are expected to be
$105 million $5 million - GAAP gross margin is expected to be between 54 percent and 54.5 percent, and non-GAAP gross margin is expected to be between 55 percent and 55.5 percent. The difference between the GAAP and non-GAAP gross margins is approximately equally attributable to stock-based compensation and amortization of acquisition-related intangible assets.
-
GAAP operating expenses are expected to be between
$53.5 million $54 million $44.5 million $45 million $9 million
Conference Call Today at 1:30 p.m. Pacific Time
Power Integrations management will hold a conference call today at 1:30 p.m. Pacific time. A live webcast of the call will be available on the investor section of the company's website, http://investors.power.com. Members of the investment community can access the telephonic conference call by going to: https://bit.ly/POWI-2024-Q3-Earnings-Call.
About Power Integrations
Power Integrations, Inc. is a leading innovator in semiconductor technologies for high-voltage power conversion. The company’s products are key building blocks in the clean-power ecosystem, enabling the generation of renewable energy as well as the efficient transmission and consumption of power in applications ranging from milliwatts to megawatts. For more information, please visit www.power.com.
Note Regarding Use of Non-GAAP Financial Measures
In addition to the company's consolidated financial statements, which are presented according to GAAP, the company provides certain non-GAAP financial information that excludes stock-based compensation expenses recorded under ASC 718-10, amortization of acquisition-related intangible assets and the tax effects of these items. The company uses these measures in its financial and operational decision-making and, with respect to one measure, in setting performance targets for compensation purposes. The company believes that these non-GAAP measures offer important analytical tools to help investors understand its operating results, and to facilitate comparability with the results of companies that provide similar measures. Non-GAAP measures have limitations as analytical tools and are not meant to be considered in isolation or as a substitute for GAAP financial information. For example, stock-based compensation is an important component of the company’s compensation mix and will continue to result in significant expenses in the company’s GAAP results for the foreseeable future but is not reflected in the non-GAAP measures. Also, other companies, including companies in Power Integrations’ industry, may calculate non-GAAP measures differently, limiting their usefulness as comparative measures. Reconciliations of non-GAAP measures to GAAP measures are attached to this press release.
Note Regarding Forward-Looking Statements
The above statements regarding the company’s forecast for its fourth-quarter financial performance are forward-looking statements reflecting management's current expectations and beliefs. These statements are based on current information that is, by its nature, subject to rapid and even abrupt change. Due to risks and uncertainties associated with the company's business, actual results could differ materially from those projected or implied by these statements. These risks and uncertainties include, but are not limited to: the company’s ability to supply products and its ability to conduct other aspects of its business such as competing for new design wins; changes in global economic and geopolitical conditions, including such factors as inflation, armed conflicts and trade negotiations, which may impact the level of demand for the company’s products; potential changes and shifts in customer demand away from end products that utilize the company's integrated circuits to end products that do not incorporate the company's products; the effects of competition, which may cause the company’s revenues to decrease or cause the company to decrease its selling prices for its products; unforeseen costs and expenses; and unfavorable fluctuations in component costs or operating expenses resulting from changes in commodity prices and/or exchange rates. In addition, new product introductions and design wins are subject to the risks and uncertainties that typically accompany development and delivery of complex technologies to the marketplace, including product development delays and defects and market acceptance of the new products. These and other risk factors that may cause actual results to differ are more fully explained under the caption “Risk Factors” in the company's most recent Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 12, 2024. The company is under no obligation (and expressly disclaims any obligation) to update or alter its forward-looking statements, whether because of new information, future events or otherwise, except as otherwise required by law.
Power Integrations, PowiGaN, InnoMux and the Power Integrations logo are trademarks or registered trademarks of Power Integrations, Inc. All other trademarks are property of their respective owners.
| POWER INTEGRATIONS, INC. | |||||||||||||||||||||
| CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||||||
| (in thousands, except per-share amounts) | |||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||
| September 30, 2024 | June 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | |||||||||||||||||
| NET REVENUES | $ |
115,837 |
|
$ |
106,198 |
|
$ |
125,511 |
|
$ |
313,723 |
|
$ |
355,031 |
|
||||||
| COST OF REVENUES |
|
52,666 |
|
|
49,665 |
|
|
59,566 |
|
|
146,239 |
|
|
172,283 |
|
||||||
| GROSS PROFIT |
|
63,171 |
|
|
56,533 |
|
|
65,945 |
|
|
167,484 |
|
|
182,748 |
|
||||||
| OPERATING EXPENSES: | |||||||||||||||||||||
| Research and development |
|
25,829 |
|
|
26,047 |
|
|
24,064 |
|
|
75,101 |
|
|
72,562 |
|
||||||
| Sales and marketing |
|
17,119 |
|
|
18,053 |
|
|
16,224 |
|
|
50,894 |
|
|
49,126 |
|
||||||
| General and administrative |
|
8,641 |
|
|
10,475 |
|
|
7,945 |
|
|
27,479 |
|
|
24,950 |
|
||||||
| Total operating expenses |
|
51,589 |
|
|
54,575 |
|
|
48,233 |
|
|
153,474 |
|
|
146,638 |
|
||||||
| INCOME FROM OPERATIONS |
|
11,582 |
|
|
1,958 |
|
|
17,712 |
|
|
14,010 |
|
|
36,110 |
|
||||||
| OTHER INCOME |
|
2,750 |
|
|
3,189 |
|
|
3,138 |
|
|
9,441 |
|
|
7,566 |
|
||||||
| INCOME BEFORE INCOME TAXES |
|
14,332 |
|
|
5,147 |
|
|
20,850 |
|
|
23,451 |
|
|
43,676 |
|
||||||
| PROVISION FOR INCOME TAXES |
|
41 |
|
|
298 |
|
|
1,054 |
|
|
357 |
|
|
2,212 |
|
||||||
| NET INCOME | $ |
14,291 |
|
$ |
4,849 |
|
$ |
19,796 |
|
$ |
23,094 |
|
$ |
41,464 |
|
||||||
| EARNINGS PER SHARE: | |||||||||||||||||||||
| Basic | $ |
0.25 |
|
$ |
0.09 |
|
$ |
0.34 |
|
$ |
0.41 |
|
$ |
0.72 |
|
||||||
| Diluted | $ |
0.25 |
|
$ |
0.09 |
|
$ |
0.34 |
|
$ |
0.40 |
|
$ |
0.72 |
|
||||||
| SHARES USED IN PER-SHARE CALCULATION: | |||||||||||||||||||||
| Basic |
|
56,817 |
|
|
56,780 |
|
|
57,383 |
|
|
56,810 |
|
|
57,282 |
|
||||||
| Diluted |
|
57,004 |
|
|
56,984 |
|
|
57,741 |
|
|
57,106 |
|
|
57,711 |
|
||||||
| SUPPLEMENTAL INFORMATION: | Three Months Ended | Nine Months Ended | |||||||||||||||||||
| September 30, 2024 | June 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | |||||||||||||||||
| Stock-based compensation expenses included in: | |||||||||||||||||||||
| Cost of revenues | $ |
496 |
|
$ |
707 |
|
$ |
446 |
|
$ |
1,549 |
|
$ |
1,193 |
|
||||||
| Research and development |
|
2,997 |
|
|
3,885 |
|
|
2,895 |
|
|
9,307 |
|
|
7,992 |
|
||||||
| Sales and marketing |
|
1,876 |
|
|
2,510 |
|
|
1,787 |
|
|
5,990 |
|
|
5,061 |
|
||||||
| General and administrative |
|
2,969 |
|
|
3,933 |
|
|
1,777 |
|
|
8,941 |
|
|
6,779 |
|
||||||
| Total stock-based compensation expense | $ |
8,338 |
|
$ |
11,035 |
|
$ |
6,905 |
|
$ |
25,787 |
|
$ |
21,025 |
|
||||||
| Cost of revenues includes: | |||||||||||||||||||||
| Amortization of acquisition-related intangible assets | $ |
147 |
|
$ |
258 |
|
$ |
482 |
|
$ |
887 |
|
$ |
1,446 |
|
||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||
| REVENUE MIX BY END MARKET | September 30, 2024 | June 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | ||||||||||||||||
| Communications |
|
12 |
% |
|
11 |
% |
|
32 |
% |
|
11 |
% |
|
30 |
% |
||||||
| Computer |
|
14 |
% |
|
14 |
% |
|
10 |
% |
|
14 |
% |
|
12 |
% |
||||||
| Consumer |
|
38 |
% |
|
42 |
% |
|
26 |
% |
|
40 |
% |
|
26 |
% |
||||||
| Industrial |
|
36 |
% |
|
33 |
% |
|
32 |
% |
|
35 |
% |
|
32 |
% |
||||||
| POWER INTEGRATIONS, INC. | ||||||||||||||||||||
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP RESULTS | ||||||||||||||||||||
| (in thousands, except per-share amounts) | ||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| September 30, 2024 | June 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | ||||||||||||||||
| RECONCILIATION OF GROSS PROFIT | ||||||||||||||||||||
| GAAP gross profit | $ |
63,171 |
|
$ |
56,533 |
|
$ |
65,945 |
|
$ |
167,484 |
|
$ |
182,748 |
|
|||||
| GAAP gross margin |
|
54.5 |
% |
|
53.2 |
% |
|
52.5 |
% |
|
53.4 |
% |
|
51.5 |
% |
|||||
| Stock-based compensation included in cost of revenues |
|
496 |
|
|
707 |
|
|
446 |
|
|
1,549 |
|
|
1,193 |
|
|||||
| Amortization of acquisition-related intangible assets |
|
147 |
|
|
258 |
|
|
482 |
|
|
887 |
|
|
1,446 |
|
|||||
| Non-GAAP gross profit | $ |
63,814 |
|
$ |
57,498 |
|
$ |
66,873 |
|
$ |
169,920 |
|
$ |
185,387 |
|
|||||
| Non-GAAP gross margin |
|
55.1 |
% |
|
54.1 |
% |
|
53.3 |
% |
|
54.2 |
% |
|
52.2 |
% |
|||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| RECONCILIATION OF OPERATING EXPENSES | September 30, 2024 | June 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | |||||||||||||||
| GAAP operating expenses | $ |
51,589 |
|
$ |
54,575 |
|
$ |
48,233 |
|
$ |
153,474 |
|
$ |
146,638 |
|
|||||
| Less: Stock-based compensation expense included in operating expenses | ||||||||||||||||||||
| Research and development |
|
2,997 |
|
|
3,885 |
|
|
2,895 |
|
|
9,307 |
|
|
7,992 |
|
|||||
| Sales and marketing |
|
1,876 |
|
|
2,510 |
|
|
1,787 |
|
|
5,990 |
|
|
5,061 |
|
|||||
| General and administrative |
|
2,969 |
|
|
3,933 |
|
|
1,777 |
|
|
8,941 |
|
|
6,779 |
|
|||||
| Total |
|
7,842 |
|
|
10,328 |
|
|
6,459 |
|
|
24,238 |
|
|
19,832 |
|
|||||
| Non-GAAP operating expenses | $ |
43,747 |
|
$ |
44,247 |
|
$ |
41,774 |
|
$ |
129,236 |
|
$ |
126,806 |
|
|||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| RECONCILIATION OF INCOME FROM OPERATIONS | September 30, 2024 | June 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | |||||||||||||||
| GAAP income from operations | $ |
11,582 |
|
$ |
1,958 |
|
$ |
17,712 |
|
$ |
14,010 |
|
$ |
36,110 |
|
|||||
| GAAP operating margin |
|
10.0 |
% |
|
1.8 |
% |
|
14.1 |
% |
|
4.5 |
% |
|
10.2 |
% |
|||||
| Add: Stock-based compensation |
|
8,338 |
|
|
11,035 |
|
|
6,905 |
|
|
25,787 |
|
|
21,025 |
|
|||||
| Amortization of acquisition-related intangible assets |
|
147 |
|
|
258 |
|
|
482 |
|
|
887 |
|
|
1,446 |
|
|||||
| Non-GAAP income from operations | $ |
20,067 |
|
$ |
13,251 |
|
$ |
25,099 |
|
$ |
40,684 |
|
$ |
58,581 |
|
|||||
| Non-GAAP operating margin |
|
17.3 |
% |
|
12.5 |
% |
|
20.0 |
% |
|
13.0 |
% |
|
16.5 |
% |
|||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| RECONCILIATION OF PROVISION FOR INCOME TAXES | September 30, 2024 | June 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | |||||||||||||||
| GAAP provision for income taxes | $ |
41 |
|
$ |
298 |
|
$ |
1,054 |
|
$ |
357 |
|
$ |
2,212 |
|
|||||
| GAAP effective tax rate |
|
0.3 |
% |
|
5.8 |
% |
|
5.1 |
% |
|
1.5 |
% |
|
5.1 |
% |
|||||
| Tax effect of adjustments to GAAP results |
|
(160 |
) |
|
(269 |
) |
|
(580 |
) |
|
(787 |
) |
|
(2,097 |
) |
|||||
| Non-GAAP provision for income taxes | $ |
201 |
|
$ |
567 |
|
$ |
1,634 |
|
$ |
1,144 |
|
$ |
4,309 |
|
|||||
| Non-GAAP effective tax rate |
|
0.9 |
% |
|
3.4 |
% |
|
5.8 |
% |
|
2.3 |
% |
|
6.5 |
% |
|||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| RECONCILIATION OF NET INCOME PER SHARE (DILUTED) | September 30, 2024 | June 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | |||||||||||||||
| GAAP net income | $ |
14,291 |
|
$ |
4,849 |
|
$ |
19,796 |
|
$ |
23,094 |
|
$ |
41,464 |
|
|||||
| Adjustments to GAAP net income | ||||||||||||||||||||
| Stock-based compensation |
|
8,338 |
|
|
11,035 |
|
|
6,905 |
|
|
25,787 |
|
|
21,025 |
|
|||||
| Amortization of acquisition-related intangible assets |
|
147 |
|
|
258 |
|
|
482 |
|
|
887 |
|
|
1,446 |
|
|||||
| Tax effect of items excluded from non-GAAP results |
|
(160 |
) |
|
(269 |
) |
|
(580 |
) |
|
(787 |
) |
|
(2,097 |
) |
|||||
| Non-GAAP net income | $ |
22,616 |
|
$ |
15,873 |
|
$ |
26,603 |
|
$ |
48,981 |
|
$ |
61,838 |
|
|||||
| Average shares outstanding for calculation of non-GAAP net income per share (diluted) |
|
57,004 |
|
|
56,984 |
|
|
57,741 |
|
|
57,106 |
|
|
57,711 |
|
|||||
| Non-GAAP net income per share (diluted) | $ |
0.40 |
|
$ |
0.28 |
|
$ |
0.46 |
|
$ |
0.86 |
|
$ |
1.07 |
|
|||||
| GAAP net income per share (diluted) | $ |
0.25 |
|
$ |
0.09 |
|
$ |
0.34 |
|
$ |
0.40 |
|
$ |
0.72 |
|
|||||
| POWER INTEGRATIONS, INC. | ||||||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||||||
| (in thousands) | ||||||||||||
| September 30, 2024 | June 30, 2024 | December 31, 2023 | ||||||||||
| ASSETS | ||||||||||||
| CURRENT ASSETS: | ||||||||||||
| Cash and cash equivalents | $ |
58,469 |
$ |
50,493 |
|
$ |
63,929 |
|
||||
| Short-term marketable securities |
|
245,282 |
|
239,985 |
|
|
247,640 |
|
||||
| Accounts receivable, net |
|
16,634 |
|
16,372 |
|
|
14,674 |
|
||||
| Inventories |
|
167,680 |
|
169,884 |
|
|
163,164 |
|
||||
| Prepaid expenses and other current assets |
|
19,821 |
|
23,102 |
|
|
22,193 |
|
||||
| Total current assets |
|
507,886 |
|
499,836 |
|
|
511,600 |
|
||||
| PROPERTY AND EQUIPMENT, net |
|
153,313 |
|
153,785 |
|
|
164,213 |
|
||||
| INTANGIBLE ASSETS, net |
|
8,283 |
|
3,561 |
|
|
4,424 |
|
||||
| GOODWILL |
|
95,271 |
|
91,849 |
|
|
91,849 |
|
||||
| DEFERRED TAX ASSETS |
|
36,393 |
|
31,640 |
|
|
28,325 |
|
||||
| OTHER ASSETS |
|
23,845 |
|
24,089 |
|
|
19,457 |
|
||||
| Total assets | $ |
824,991 |
$ |
804,760 |
|
$ |
819,868 |
|
||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||
| CURRENT LIABILITIES: | ||||||||||||
| Accounts payable | $ |
27,091 |
$ |
24,831 |
|
$ |
26,390 |
|
||||
| Accrued payroll and related expenses |
|
13,337 |
|
13,596 |
|
|
13,551 |
|
||||
| Taxes payable |
|
1,063 |
|
827 |
|
|
1,016 |
|
||||
| Other accrued liabilities |
|
9,267 |
|
10,970 |
|
|
7,910 |
|
||||
| Total current liabilities |
|
50,758 |
|
50,224 |
|
|
48,867 |
|
||||
| LONG-TERM LIABILITIES: | ||||||||||||
| Income taxes payable |
|
6,351 |
|
6,237 |
|
|
6,244 |
|
||||
| Other liabilities |
|
18,669 |
|
17,557 |
|
|
12,516 |
|
||||
| Total liabilities |
|
75,778 |
|
74,018 |
|
|
67,627 |
|
||||
| STOCKHOLDERS' EQUITY: | ||||||||||||
| Common stock |
|
22 |
|
22 |
|
|
23 |
|
||||
| Additional paid-in capital |
|
11,347 |
|
- |
|
|
- |
|
||||
| Accumulated other comprehensive income (loss) |
|
1,008 |
|
(3,189 |
) |
|
(1,462 |
) |
||||
| Retained earnings |
|
736,836 |
|
733,909 |
|
|
753,680 |
|
||||
| Total stockholders' equity |
|
749,213 |
|
730,742 |
|
|
752,241 |
|
||||
| Total liabilities and stockholders' equity | $ |
824,991 |
$ |
804,760 |
|
$ |
819,868 |
|
||||
| POWER INTEGRATIONS, INC. | ||||||||||||||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
| (in thousands) | ||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| September 30, 2024 | June 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | ||||||||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||
| Net income | $ |
14,291 |
|
$ |
4,849 |
|
$ |
19,796 |
|
$ |
23,094 |
|
$ |
41,464 |
|
|||||
| Adjustments to reconcile net income to cash provided by operating activities | ||||||||||||||||||||
| Depreciation |
|
8,454 |
|
|
8,391 |
|
|
8,663 |
|
|
25,560 |
|
|
26,316 |
|
|||||
| Amortization of intangible assets |
|
208 |
|
|
320 |
|
|
544 |
|
|
1,071 |
|
|
1,630 |
|
|||||
| Loss on disposal of property and equipment |
|
208 |
|
|
- |
|
|
64 |
|
|
216 |
|
|
86 |
|
|||||
| Stock-based compensation expense |
|
8,338 |
|
|
11,035 |
|
|
6,905 |
|
|
25,787 |
|
|
21,025 |
|
|||||
| Amortization of premium (accretion of discount) on marketable securities |
|
(343 |
) |
|
(413 |
) |
|
(273 |
) |
|
(1,252 |
) |
|
146 |
|
|||||
| Deferred income taxes |
|
(5,206 |
) |
|
(2,152 |
) |
|
(7,170 |
) |
|
(8,688 |
) |
|
(9,952 |
) |
|||||
| Increase (decrease) in accounts receivable allowance for credit losses |
|
(785 |
) |
|
163 |
|
|
- |
|
|
(459 |
) |
|
(454 |
) |
|||||
| Change in operating assets and liabilities: | ||||||||||||||||||||
| Accounts receivable |
|
523 |
|
|
(4,256 |
) |
|
3,538 |
|
|
(1,501 |
) |
|
(7,249 |
) |
|||||
| Inventories |
|
2,204 |
|
|
(2,019 |
) |
|
(505 |
) |
|
(4,516 |
) |
|
(14,826 |
) |
|||||
| Prepaid expenses and other assets |
|
3,542 |
|
|
1,226 |
|
|
6,404 |
|
|
5,614 |
|
|
(837 |
) |
|||||
| Accounts payable |
|
2,031 |
|
|
(1,411 |
) |
|
(11,695 |
) |
|
1,914 |
|
|
(2,882 |
) |
|||||
| Taxes payable and other accrued liabilities |
|
(546 |
) |
|
1,898 |
|
|
455 |
|
|
(385 |
) |
|
(4,975 |
) |
|||||
| Net cash provided by operating activities |
|
32,919 |
|
|
17,631 |
|
|
26,726 |
|
|
66,455 |
|
|
49,492 |
|
|||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||
| Purchases of property and equipment |
|
(5,731 |
) |
|
(4,167 |
) |
|
(7,530 |
) |
|
(14,241 |
) |
|
(14,741 |
) |
|||||
| Purchases of marketable securities |
|
(19,751 |
) |
|
(27,918 |
) |
|
(62,205 |
) |
|
(97,581 |
) |
|
(173,015 |
) |
|||||
| Proceeds from sales and maturities of marketable securities |
|
18,414 |
|
|
31,194 |
|
|
63,256 |
|
|
103,806 |
|
|
161,897 |
|
|||||
| Acquisition |
|
(9,520 |
) |
|
- |
|
|
- |
|
|
(9,520 |
) |
|
- |
|
|||||
| Net cash used in investing activities |
|
(16,588 |
) |
|
(891 |
) |
|
(6,479 |
) |
|
(17,536 |
) |
|
(25,859 |
) |
|||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||
| Net proceeds from issuance of common stock |
|
3,009 |
|
|
- |
|
|
3,139 |
|
|
5,700 |
|
|
6,237 |
|
|||||
| Repurchase of common stock |
|
- |
|
|
(11,338 |
) |
|
(1,835 |
) |
|
(25,979 |
) |
|
(7,834 |
) |
|||||
| Payments of dividends to stockholders |
|
(11,364 |
) |
|
(11,352 |
) |
|
(10,904 |
) |
|
(34,100 |
) |
|
(32,665 |
) |
|||||
| Net cash used in financing activities |
|
(8,355 |
) |
|
(22,690 |
) |
|
(9,600 |
) |
|
(54,379 |
) |
|
(34,262 |
) |
|||||
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
|
7,976 |
|
|
(5,950 |
) |
|
10,647 |
|
|
(5,460 |
) |
|
(10,629 |
) |
|||||
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD |
|
50,493 |
|
|
56,443 |
|
|
84,096 |
|
|
63,929 |
|
|
105,372 |
|
|||||
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ |
58,469 |
|
$ |
50,493 |
|
$ |
94,743 |
|
$ |
58,469 |
|
$ |
94,743 |
|
|||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20241106320623/en/
Joe Shiffler
Power Integrations, Inc.
(408) 414-8528
joe@power.com
Source: Power Integrations, Inc.
FAQ
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